Coupang (CPNG) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40115
Entity Registrant Name	COUPANG, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2810505
Entity Address, Address Line One	Tower 730, 570, Songpa-daero
Entity Address, City or Town	Songpa-gu
Entity Address, Region	Seoul
Entity Address, Country	KR
Entity Address, Postal Zip Code	05510
Country Region	+82
City Area Code	(2)
Local Phone Number	6150-5422
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CPNG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001834584
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,576,638,517
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		174,802,990

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 3,928,568	$ 1,251,455
Restricted cash	337,098	144,949
Accounts receivable, net	134,316	71,257
Inventories	1,212,198	1,161,205
Other current assets	299,153	211,848
Total current assets	5,911,333	2,840,714
Long-term restricted cash	4,341	4,898
Property and equipment, net	1,167,463	1,017,947
Operating lease right-of-use assets	1,259,962	1,011,255
Goodwill	3,900	4,247
Long-term lease deposits and other	240,271	188,271
Total assets	8,587,270	5,067,332
Current liabilities:
Accounts payable	3,216,880	2,907,918
Accrued expenses	164,678	115,606
Deferred revenue	80,450	65,259
Short-term borrowings	168,052	156,678
Current portion of long-term debt	385,888	67,576
Current portion of long-term operating lease obligations	260,395	207,196
Other current liabilities	300,525	212,477
Total current liabilities	4,576,868	3,732,710
Long-term debt	169,333	353,342
Long-term operating lease obligations	1,103,478	859,477
Convertible notes	0	589,851
Defined severance benefits and other	169,485	135,203
Total liabilities	6,019,164	5,670,583
Commitments and contingencies (Note 9)
Redeemable convertible preferred units, no par value; no units authorized, issued or outstanding, and no liquidation preference as of September 30, 2021; 1,448,632,049 units authorized, 1,372,898,443 units issued, 1,329,464,982 units outstanding, and aggregate liquidation preference of $3,584,028 as of December 31, 2020	0	3,465,611
Stockholders'/members’ equity (deficit)
Common units, no par value; no units authorized, issued or outstanding as of September 30, 2021; 264,166,544 units authorized, 114,566,705 units issued, and 105,822,205 units outstanding as of December 31, 2020	0	45,122
Class A common stock, $0.0001 par value, 10,000,000,000 shares authorized and 1,575,551,659 shares issued and outstanding as of September 30, 2021; Class B common stock, $0.0001 par value, 250,000,000 shares authorized and 174,802,990 shares issued and outstanding as of September 30, 2021; no shares of Class A and Class B common stock authorized, issued and outstanding as of December 31, 2020	174	0
Additional paid-in capital	7,813,384	25,036
Accumulated other comprehensive income (loss)	86	(31,093)
Accumulated deficit	(5,245,538)	(4,107,927)
Total stockholders'/members’ equity (deficit)	2,568,106	(4,068,862)
Total liabilities, redeemable convertible preferred units and stockholders'/members’ equity (deficit)	$ 8,587,270	$ 5,067,332

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Redeemable convertible preferred units (in usd per share)	$ 0	$ 0
Redeemable convertible preferred units authorized (in shares)	0	1,448,632,049
Redeemable convertible preferred units issued (in shares)	0	1,372,898,443
Redeemable convertible preferred units outstanding (in shares)	0	1,329,464,982
Redeemable convertible preferred units liquidation preference	$ 0	$ 3,584,028
Common units, par (in shares)	$ 0	$ 0
Common units authorized (in shares)	0	264,166,544
Common units issued (in shares)	0	114,566,705
Common units outstanding (in shares)	0	105,822,205
Common Class A
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000,000	0
Common stock, shares issued (in shares)	1,575,551,659	0
Common stock, shares outstanding (in shares)	1,575,551,659	0
Common Class B
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	0
Common stock, shares issued (in shares)	174,802,990	0
Common stock, shares outstanding (in shares)	174,802,990	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total net revenues	$ 4,644,705	$ 3,136,507	$ 13,329,679	$ 8,163,846
Cost of sales	3,890,178	2,669,552	11,184,152	6,826,861
Operating, general and administrative	1,069,639	683,192	3,242,891	1,722,077
Total operating cost and expenses	4,959,817	3,352,744	14,427,043	8,548,938
Operating loss	(315,112)	(216,237)	(1,097,364)	(385,092)
Interest income	2,603	1,267	5,450	9,512
Interest expense	(7,376)	(25,712)	(38,047)	(78,423)
Other (expense) income, net	(4,026)	67,704	(7,479)	73,829
Loss before income taxes	(323,911)	(172,978)	(1,137,440)	(380,174)
Income tax expense	66	21	171	228
Net loss	(323,977)	(172,999)	(1,137,611)	(380,402)
Less: premium on repurchase of redeemable convertible preferred units	0	0	0	(92,734)
Net loss attributable to Class A and Class B common stockholders	$ (323,977)	$ (172,999)	$ (1,137,611)	$ (473,136)
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)	$ (0.19)	$ (5.91)	$ (0.87)	$ (17.47)
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)	$ (0.19)	$ (5.91)	$ (0.87)	$ (17.47)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	1,747,255	29,284	1,313,234	27,085
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,747,255	29,284	1,313,234	27,085
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	$ 24,266	$ (2,956)	$ 38,887	$ (4,641)
Actuarial gain (loss) on defined severance benefits, net of tax	1,266	36	(7,708)	109
Total other comprehensive income (loss)	25,532	(2,920)	31,179	(4,532)
Comprehensive loss	(298,445)	(175,919)	(1,106,432)	(384,934)
Net retail sales
Total net revenues	4,137,136	2,897,682	11,938,685	7,555,592
Net other revenue
Total net revenues	$ 507,569	$ 238,825	$ 1,390,994	$ 608,254

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable convertible preferred units	Common Units	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		1,348,313,000
Beginning balance at Dec. 31, 2019		$ 3,468,554
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchase of preferred units (in shares)		(7,242,000)
Repurchase of preferred units		$ (1,937)
Ending balance (in shares) at Mar. 31, 2020		1,341,071,000
Ending balance at Mar. 31, 2020		$ 3,466,617
Beginning balance (in shares) at Dec. 31, 2019			70,702,000
Common units, beginning balance at Dec. 31, 2019			$ 0
Beginning balance at Dec. 31, 2019	$ (3,532,912)				$ 25,036	$ 7,642	$ (3,565,590)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(105,353)						(105,353)
Foreign currency translation adjustments, net of tax	(2,288)					(2,288)
Actuarial gain (loss) on defined severance benefits, net of tax	38					38
Equity-based compensation	6,478		$ 6,478
Issuance of common units, equity-based compensation plan (in shares)			5,193,000
Issuance of common units, equity-based compensation plan	5,193		$ 5,193
Repurchase of common units (in shares)			(680,000)
Repurchase of common units	(1,366)		$ (1,366)
Repurchase of preferred units	(34,871)		$ (10,305)				(24,566)
Ending balance (in shares) at Mar. 31, 2020			75,215,000
Common units, ending balance at Mar. 31, 2020			$ 0
Ending balance at Mar. 31, 2020	(3,665,081)				25,036	5,392	(3,695,509)
Beginning balance (in shares) at Dec. 31, 2019		1,348,313,000
Beginning balance at Dec. 31, 2019		$ 3,468,554
Ending balance (in shares) at Sep. 30, 2020		1,329,465,000
Ending balance at Sep. 30, 2020		$ 3,465,611
Beginning balance (in shares) at Dec. 31, 2019			70,702,000
Common units, beginning balance at Dec. 31, 2019			$ 0
Beginning balance at Dec. 31, 2019	(3,532,912)				25,036	7,642	(3,565,590)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(380,402)
Foreign currency translation adjustments, net of tax	(4,641)
Actuarial gain (loss) on defined severance benefits, net of tax	109
Ending balance (in shares) at Sep. 30, 2020			95,769,000
Common units, ending balance at Sep. 30, 2020			$ 20,418
Ending balance at Sep. 30, 2020	(3,976,608)				25,036	3,110	(4,025,172)
Beginning balance (in shares) at Mar. 31, 2020		1,341,071,000
Beginning balance at Mar. 31, 2020		$ 3,466,617
Increase (Decrease) in Temporary Equity [Roll Forward]
Repurchase of preferred units (in shares)		(11,606,000)
Repurchase of preferred units		$ (1,006)
Ending balance (in shares) at Jun. 30, 2020		1,329,465,000
Ending balance at Jun. 30, 2020		$ 3,465,611
Beginning balance (in shares) at Mar. 31, 2020			75,215,000
Common units, beginning balance at Mar. 31, 2020			$ 0
Beginning balance at Mar. 31, 2020	(3,665,081)				25,036	5,392	(3,695,509)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(102,050)						(102,050)
Foreign currency translation adjustments, net of tax	603					603
Actuarial gain (loss) on defined severance benefits, net of tax	35					35
Equity-based compensation	10,345		$ 10,345
Issuance of common units, equity-based compensation plan (in shares)			18,618,000
Issuance of common units, equity-based compensation plan	2,869		$ 2,869
Repurchase of preferred units	(57,863)		$ (3,249)				(54,614)
Ending balance (in shares) at Jun. 30, 2020			93,833,000
Common units, ending balance at Jun. 30, 2020			$ 9,965
Ending balance at Jun. 30, 2020	(3,811,142)				25,036	6,030	(3,852,173)
Ending balance (in shares) at Sep. 30, 2020		1,329,465,000
Ending balance at Sep. 30, 2020		$ 3,465,611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(172,999)						(172,999)
Foreign currency translation adjustments, net of tax	(2,956)					(2,956)
Actuarial gain (loss) on defined severance benefits, net of tax	36					36
Equity-based compensation	7,292		$ 7,292
Issuance of common units, equity-based compensation plan (in shares)			1,936,000
Issuance of common units, equity-based compensation plan	3,161		$ 3,161
Ending balance (in shares) at Sep. 30, 2020			95,769,000
Common units, ending balance at Sep. 30, 2020			$ 20,418
Ending balance at Sep. 30, 2020	$ (3,976,608)				25,036	3,110	(4,025,172)
Beginning balance (in shares) at Dec. 31, 2020	1,329,464,982	1,329,465,000
Beginning balance at Dec. 31, 2020	$ 3,465,611	$ 3,465,611
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)		(1,329,465,000)
Conversion of redeemable convertible preferred units into Class A and Class B common stock		$ (3,465,611)
Ending balance (in shares) at Mar. 31, 2021		0
Ending balance at Mar. 31, 2021		$ 0
Beginning balance (in shares) at Dec. 31, 2020			105,822,000	0
Common units, beginning balance at Dec. 31, 2020			$ 45,122
Beginning balance at Dec. 31, 2020	(4,068,862)			$ 0	25,036	(31,093)	(4,107,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(295,033)						(295,033)
Foreign currency translation adjustments, net of tax	14,972					14,972
Actuarial gain (loss) on defined severance benefits, net of tax	918					918
Issuance of common units, equity-based compensation plan (in shares)			22,901,000
Issuance of common units, equity-based compensation plan	38,968		$ 38,968
Equity-based compensation	2,974		$ 2,974
Conversion of common units into Class A and Class B common stock (in shares)			128,723,000	128,648,000
Conversion of common units into Class A and Class B common stock	0		$ (87,064)	$ 13	87,051
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)				1,329,465,000
Conversion of redeemable convertible preferred units into Class A and Class B common stock	3,465,611			$ 133	3,465,478
Issuance of Class A common stock, net of underwriting discounts and offering costs (in shares)				100,000,000
Issuance of Class A common stock, net of underwriting discounts and offering costs	3,416,819			$ 10	3,416,809
Conversion of convertible notes into Class A common stock				171,750,000
Conversion of convertible notes into Class A common stock	609,999			$ 17	609,982
Issuance of common units, equity-based compensation plan (in shares)				2,680,000
Issuance of common units, equity-based compensation plan	4,767				4,767
Equity-based compensation subsequent to Corporate Conversion and IPO	83,992				83,992
Ending balance (in shares) at Mar. 31, 2021			0	1,732,543,000
Common units, ending balance at Mar. 31, 2021			$ 0
Ending balance at Mar. 31, 2021	$ 3,275,125			$ 173	7,693,115	(15,203)	(4,402,960)
Beginning balance (in shares) at Dec. 31, 2020	1,329,464,982	1,329,465,000
Beginning balance at Dec. 31, 2020	$ 3,465,611	$ 3,465,611
Ending balance (in shares) at Sep. 30, 2021	0	0
Ending balance at Sep. 30, 2021	$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2020			105,822,000	0
Common units, beginning balance at Dec. 31, 2020			$ 45,122
Beginning balance at Dec. 31, 2020	(4,068,862)			$ 0	25,036	(31,093)	(4,107,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,137,611)
Foreign currency translation adjustments, net of tax	38,887
Actuarial gain (loss) on defined severance benefits, net of tax	(7,708)
Ending balance (in shares) at Sep. 30, 2021			0	1,750,355,000
Common units, ending balance at Sep. 30, 2021			$ 0
Ending balance at Sep. 30, 2021	2,568,106			$ 174	7,813,384	86	(5,245,538)
Beginning balance (in shares) at Mar. 31, 2021		0
Beginning balance at Mar. 31, 2021		$ 0
Ending balance (in shares) at Jun. 30, 2021		0
Ending balance at Jun. 30, 2021		$ 0
Beginning balance (in shares) at Mar. 31, 2021			0	1,732,543,000
Common units, beginning balance at Mar. 31, 2021			$ 0
Beginning balance at Mar. 31, 2021	3,275,125			$ 173	7,693,115	(15,203)	(4,402,960)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(518,601)						(518,601)
Foreign currency translation adjustments, net of tax	(351)					(351)
Actuarial gain (loss) on defined severance benefits, net of tax	(9,892)					(9,892)
Equity-based compensation	50,346				50,346
Issuance of common units, equity-based compensation plan (in shares)				3,036,000
Issuance of common units, equity-based compensation plan	6,002				6,002
Ending balance (in shares) at Jun. 30, 2021			0	1,735,579,000
Common units, ending balance at Jun. 30, 2021			$ 0
Ending balance at Jun. 30, 2021	$ 2,802,629			$ 173	7,749,463	(25,446)	(4,921,561)
Ending balance (in shares) at Sep. 30, 2021	0	0
Ending balance at Sep. 30, 2021	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(323,977)						(323,977)
Foreign currency translation adjustments, net of tax	24,266					24,266
Actuarial gain (loss) on defined severance benefits, net of tax	1,266					1,266
Equity-based compensation	56,138				56,138
Issuance of common units, equity-based compensation plan (in shares)				14,776,000
Issuance of common units, equity-based compensation plan	7,784			$ 1	7,783
Ending balance (in shares) at Sep. 30, 2021			0	1,750,355,000
Common units, ending balance at Sep. 30, 2021			$ 0
Ending balance at Sep. 30, 2021	$ 2,568,106			$ 174	$ 7,813,384	$ 86	$ (5,245,538)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (1,137,611)	$ (380,402)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	145,866	85,551
Provision for severance benefits	100,649	48,856
Equity-based compensation	193,450	24,017
Paid-in-kind interest and accretion of discount on convertible notes	20,148	66,569
Revaluation of derivative instrument	0	(70,032)
Inventory and fixed asset losses due to fulfillment center fire	284,825	0
Non-cash operating lease expense	187,926	105,512
Non-cash others	32,786	40,352
Change in operating assets and liabilities:
Accounts receivable, net	(75,958)	(41,234)
Inventories	(308,559)	(413,619)
Other assets	(182,375)	(153,416)
Accounts payable	561,528	948,051
Accrued expenses	50,604	41,145
Deferred revenue	13,015	8,037
Other liabilities	(94,126)	(24,299)
Net cash (used in) provided by operating activities	(207,832)	285,088
Investing activities:
Purchases of property and equipment	(505,554)	(314,941)
Proceeds from sale of property and equipment	960	222
Other investing activities	(2,218)	(35,629)
Net cash used in investing activities	(506,812)	(350,348)
Financing activities:
Repurchase of common units and preferred units	0	(97,043)
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts	3,431,277	0
Deferred offering costs paid	(11,618)	0
Proceeds from issuance of common stock/units, equity-based compensation plan	57,521	11,223
Proceeds from short-term borrowings and long-term debt	308,772	220,649
Repayment of short-term borrowings and long-term debt	(111,472)	(24,913)
Other financing activities	(2,289)	(1,379)
Net cash provided by financing activities	3,672,191	108,537
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(88,842)	(6,236)
Net increase in cash and cash equivalents, and restricted cash	2,868,705	37,041
Cash and cash equivalents, and restricted cash, as of beginning of period	1,401,302	1,371,535
Cash and cash equivalents, and restricted cash, as of end of period	4,270,007	1,408,576
Supplemental disclosure of cash-flow information:
Cash paid for income taxes	1,088	155
Cash paid for interest	14,175	16,744
Non-cash investing and financing activities:
(Decrease) increase in property and equipment-related accounts payable and accrued expenses	(5,516)	16,661
Conversion of common units into Class A and Class B common stock	87,064	0
Conversion of redeemable convertible preferred units into Class A and Class B common stock	3,465,611	0
Conversion of convertible notes into Class A common stock	$ 609,999	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business Coupang, Inc. (“Coupang”), together with its wholly-owned subsidiaries (collectively, the “Company,” “we,” “us,” or “our”), is a Delaware corporation, which owns and operates an e-commerce business that primarily serves the Korean retail market. Through the Company’s mobile applications and Internet websites, the Company offers products and services that span a wide range of categories, including home goods and décor, apparel and beauty products, fresh food and grocery, sporting goods, electronics, restaurant order and delivery, travel, content streaming, and everyday consumables, which are offered through a fully integrated technology, fulfillment and logistics infrastructure. The Company’s main operations, including procurement, marketing, technology, administrative functions, and fulfillment and logistics infrastructure, are predominantly located in South Korea, with operations and support services performed in China, Singapore, Japan, Taiwan, and the United States. Initial Public Offering On March 15, 2021, the Company completed its initial public offering (“IPO”) in which it issued and sold 100,000,000 shares of its Class A common stock at a price of $35.00 per share. The Company received net proceeds of approximately $3.4 billion from the IPO after deducting underwriting discounts of $69 million and other offering costs. Immediately prior to effectiveness of the Company’s IPO registration statement on Form S-1, Coupang, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed the Company’s name to Coupang, Inc. (“Corporate Conversion”). As a result of the Corporate Conversion and IPO, the Company’s redeemable convertible preferred units (“preferred units”) and common units (which included common units designated as profits interests (“PIUs”)), in each case, automatically converted into an equal number of shares of Class A or Class B common stock, except with respect to a conversion adjustment to certain PIUs, which reduced the outstanding common units designated as PIUs that were converted into shares of Class A common stock. Also, the Company’s convertible notes were automatically converted into shares of Class A common stock. For additional information related to the Company’s Corporate Conversion and IPO, see Note 10 — "Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit)" and Note 8 — "Convertible Notes and Derivative Instrument." Fulfillment Center Fire On June 17, 2021, a fire extensively damaged the Company’s Deokpyeong fulfillment center (the “FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site. Inventory and property and equipment losses from the FC Fire of $158 million and $127 million were recognized in “Cost of sales” and “Operating, general and administrative,” respectively, during the second quarter of 2021. The Company is insured on property losses from the FC Fire, however, whether and to what extent the Company may recover insurance proceeds on these losses is currently unknown, and as such, no insurance recoveries have been recognized. During the second quarter of 2021, the Company also incurred or accrued for other costs directly related to the FC Fire of $11 million. The FC Fire resulted in an increase to our net loss of $296 million for the nine months ended September 30, 2021. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and comprehensive loss, redeemable convertible preferred units and stockholders’/members’ equity (deficit), and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in the final prospectus dated March 10, 2021, as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (File No. 333-253030) (“Final Prospectus”). Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, which include, but are not limited to, equity-based compensation, inventory valuation, income taxes, defined severance benefits, and revenue recognition. Actual results could differ materially from those estimates. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates become more challenging, and actual results could differ materially from these estimates. Segment Information The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Equity-based Compensation The Company accounts for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Prior to the IPO, the grant-date fair value of equity-based awards was primarily determined using the estimated fair value of the Company's previously issued common units. Common unit fair value estimates were developed by considering numerous objective and subjective factors that required judgment. Subsequent to the IPO, the Company determines the fair value of its Class A common stock using the market closing price on the grant date. During the first quarter of 2021, the Company changed its policy for recognizing equity-based compensation expense from the graded vesting attribution method of accounting to the straight-line attribution method of accounting for its equity-based compensation arrangements with service only vesting conditions. For additional information, see Note 2 — "Change in Accounting Principle." Restricted Stock Units The Company had previously granted restricted equity units under its 2011 Equity Incentive Plan (“2011 Plan”), which vest upon the satisfaction of both a service-based condition and a performance-based condition. In connection with the Company’s Corporate Conversion, the outstanding awards were converted into restricted stock units (“RSUs”). Following the IPO and Corporate Conversion, the Company has granted RSUs that vest upon the satisfaction of a service-based condition as defined in the Company’s 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period. Stock Options The Company had previously granted unit options under the 2011 Plan, which vest over a service period of generally four years. In connection with the Company’s Corporate Conversion, the outstanding awards were converted into stock options. The grant-date fair value of each stock option award, net of estimated forfeitures, is recognized as expense over the requisite service period. The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Profits Interests Prior to the IPO, the Company granted common units designated as PIUs that vested upon the satisfaction of a service-based condition and with respect to certain awards, which vesting accelerated upon the occurrence of the IPO. The grant-date fair value of the PIUs, net of estimated forfeitures, were recognized as expense over the requisite service period. Concentration of Credit Risk Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions that management believes are of high credit quality, of which 67% were held at three financial institutions as of September 30, 2021. The Company’s gross accounts receivable include amounts concentrated with four payment processing companies representing 50% of gross accounts receivable at September 30, 2021. Recent Accounting Pronouncements Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions for performing intraperiod allocation, recognizes deferred taxes for investments, and calculates income taxes in interim periods. The standard reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The ASU is effective for public companies for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted this ASU effective January 1, 2021. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements Yet To Be Adopted In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40).” The standard reduces the number of models used to account for convertible instruments, amends diluted earnings per share (“EPS”) calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. The ASU is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. The Company does not expect a material impact from the adoption of the ASU on our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We expect to elect the optional expedients for eligible contract modifications, if any, as they occur through December 31, 2022. The application of these expedients is not expected to have a material impact on our condensed consolidated financial statements.

Change in Accounting Principle

Change in Accounting Principle	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting Principle In the first quarter of 2021, the Company changed its policy for recognizing equity-based compensation expense from the graded vesting attribution method of accounting to the straight-line attribution method of accounting for its equity-based compensation arrangements with service only vesting conditions. The Company believes the straight-line attribution method of accounting for equity-based compensation expense for awards with service only vesting conditions is preferable because it more appropriately reflects how awards are earned over an employee’s service period and is the predominant method used in its industry. Comparative financial statements for prior periods have been adjusted to apply the straight-line attribution method retrospectively. The following table presents the comparative effect of the change in accounting method and its impact on the Company’s condensed consolidated statements of operations and comprehensive loss: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in thousands, except for per share amounts) As Reported As Adjusted As Reported As Adjusted Total net revenues $ 3,136,507 $ 3,136,507 $ 8,163,846 $ 8,163,846 Cost of sales 2,669,479 2,669,552 6,826,847 6,826,861 Operating, general and administrative 684,893 683,192 1,728,585 1,722,077 Total operating cost and expenses 3,354,372 3,352,744 8,555,432 8,548,938 Operating loss (217,865) (216,237) (391,586) (385,092) Loss before income taxes (174,606) (172,978) (386,668) (380,174) Income tax expense 21 21 228 228 Net loss (174,627) (172,999) (386,896) (380,402) Net loss attributable to Class A and Class B common stockholders $ (174,627) $ (172,999) $ (479,630) $ (473,136) Net loss attributable to Class A and Class B common stockholders per share, basic and diluted (1) $ (5.96) $ (5.91) $ (17.71) $ (17.47) Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, basic and diluted (1) 29,284 29,284 27,085 27,085 Comprehensive loss $ (177,547) $ (175,919) $ (391,428) $ (384,934) ____________ (1) As reported net loss per share reflects the retrospective adjustments from the Corporate Conversion described in Note 14 — "Net Loss per Share." The following table presents the comparative effect of the change in accounting method and its impact on the Company’s condensed consolidated balance sheets: As of December 31, 2020 (in thousands) As Reported As Adjusted Stockholders'/members’ equity (deficit) Common units $ 54,950 $ 45,122 Additional paid-in capital 25,036 25,036 Accumulated other comprehensive income (loss) (31,093) (31,093) Accumulated deficit (4,117,755) (4,107,927) Total stockholders'/members’ equity (deficit) $ (4,068,862) $ (4,068,862) There was no net impact to the amounts reported for net cash used in/provided by operating, investing or financing activities in the condensed consolidated statements of cash flows for prior periods as a result of the change in accounting method. However, for the nine months ended September 30, 2020, net loss and equity-based compensation expense in cash flows from operating activities each decreased $6 million to reflect the change in accounting method. The cumulative effect of the change in accounting method had no net impact on stockholders’/members’ equity (deficit) as of January 1, 2020, the beginning of the earliest year presented in the condensed consolidated financial statements.

Net Revenues

Net Revenues	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Net Revenues	Net Revenues Details of total net revenues were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Net retail sales $ 4,137,136 $ 2,897,682 $ 11,938,685 $ 7,555,592 Third-party merchant services 450,634 202,356 1,231,799 516,367 Other revenue 56,935 36,469 159,195 91,887 Total net revenues $ 4,644,705 $ 3,136,507 $ 13,329,679 $ 8,163,846 This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from online product sales to consumers. Third-party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through the Company’s online business. Other revenue includes revenue earned from our various other offerings. Contract liabilities consist of deferred revenue and liabilities from customer loyalty credits, which are included in accrued expenses on the condensed consolidated balance sheets. The Company recognized revenue of $60 million and $27 million for the nine months ended September 30, 2021 and 2020, respectively, which were included in deferred revenue on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. Revenue recognized from customer loyalty program liabilities as of December 31, 2020 and 2019 were not material for the nine months ended September 30, 2021 and 2020, respectively.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net The following summarizes the Company’s property and equipment, net: (in thousands) September 30, 2021 December 31, 2020 Land $ 140,857 $ 142,403 Buildings 117,675 181,529 Equipment and furniture 506,119 473,775 Leasehold improvements 277,331 172,864 Vehicles 159,245 165,073 Software 33,362 48,136 Construction in progress 309,320 169,789 Property and equipment, gross 1,543,909 1,353,569 Less: Accumulated depreciation and amortization (376,446) (335,622) Property and equipment, net $ 1,167,463 $ 1,017,947 For the three months ended September 30, 2021 and 2020, depreciation and amortization expense on property and equipment was $51 million and $32 million, respectively. For the nine months ended September 30, 2021 and 2020, depreciation and amortization expense on property and equipment was $145 million and $85 million, respectively. Property and equipment under construction, which primarily consists of construction of fulfillment centers, is recorded as construction in progress until it is ready for its intended use; thereafter, it is transferred to the related class of property and equipment and depreciated over its estimated useful life.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases The Company is obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next eleven years. These leases generally contain renewal options. Because the Company is not reasonably certain to exercise these renewal options, or the renewal options are not solely within the Company’s discretion, the options are not considered in determining the lease term, and the associated potential option payments are excluded from expected minimum lease payments. The Company’s leases generally do not include termination options for either party or restrictive financial or other covenants. The Company’s finance leases as of September 30, 2021 and December 31, 2020 were not material and are included in property and equipment, net, on the Company's condensed consolidated balance sheets. The components of operating lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 87,814 $ 55,629 $ 247,566 $ 132,957 Variable and short-term lease cost 9,895 6,380 26,784 16,360 Total operating lease cost $ 97,709 $ 62,009 $ 274,350 $ 149,317 Supplemental disclosure of cash flow information related to leases were as follows: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for the amount used to measure the operating lease liabilities $ 204,791 $ 100,154 Operating lease assets obtained in exchange for lease obligations $ 485,788 $ 486,570 Net increase (decrease) to operating lease ROU assets resulting from remeasurements of lease obligations $ 40,812 $ (5,544) The assumptions used to value leases for the periods presented were as follows: September 30, 2021 December 31, 2020 Operating leases weighted-average remaining lease term 6.0 years 6.2 years Operating leases weighted-average discount rate 6.09 % 5.88 % As of September 30, 2021, the Company had entered into operating leases that have not commenced with future minimum lease payments of $346 million, that have not been recognized on the Company's condensed consolidated balance sheets. These leases have non-cancellable lease terms of 2 to 10 years.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement. The levels of the fair value hierarchy are as follows: Level 1: Observable inputs such as quoted prices in an active market for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities. Level 3: Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. The following table summarizes the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents Money market trust $ 392,605 $ — $ — $ 392,605 Money market fund 35,295 — — 35,295 Restricted cash Time deposit 270,667 — — 270,667 Money market trust 66,431 — — 66,431 Other current assets Time deposit 6,752 — — 6,752 Long-term restricted cash Time deposit 1,840 — — 1,840 Money market account 2,501 — — 2,501 Total financial assets $ 776,091 $ — $ — $ 776,091 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents Money market trust $ 629,393 $ — $ — $ 629,393 Money market fund 35,641 — — 35,641 Restricted cash Time deposit 144,949 — — 144,949 Other current assets Time deposit 18,382 — — 18,382 Long-term restricted cash Time deposit 4,898 — — 4,898 Total financial assets $ 833,263 $ — $ — $ 833,263 Financial liabilities: Derivative instrument $ — $ — $ — $ — Total financial liabilities $ — $ — $ — $ — The following table summarizes information about the significant unobservable inputs used in the fair value measurement of the Company’s derivative instrument: December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Input Amount Derivative instrument $ — Valuation of convertible notes with and without the derivative instrument. Incorporates a discounted cash flow model and option pricing model. Discount rate 14 % Equity value: Long-term revenue growth rate 3.5 % Equity value: Revenue market multiple 1.3x - 1.5x

Short-Term Borrowings and Long-

Short-Term Borrowings and Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Short-Term Borrowings and Long-Term Debt	Short-Term Borrowings and Long-Term Debt Details of carrying amounts of short-term borrowings were as follows: (in thousands) Borrowing Limit September 30, 2021 December 31, 2020 Maturity Date Interest rate (%) January 7, 2022 CD interest rate (91 days) + 3.25 $ 126,593 $ 126,593 $ 137,868 December 6, 2021 – June 25, 2022 3.20 – 4.00 41,649 41,649 19,117 Total principal short-term borrowings $ 168,242 $ 168,242 $ 156,985 Less: unamortized discounts (190) (307) Total short-term borrowings $ 168,052 $ 156,678 The Company’s short-term borrowings generally include lines of credit with financial institutions to be drawn upon for general operating purposes. In December 2019, the Company entered into a one-year revolving facility agreement, secured by the Company’s inventories. As of September 30, 2021, this $127 million revolving facility was secured by $1.2 billion of the Company’s inventories. Prior to the expiration of the original term of the revolving facility in January 2021, the Company exercised an option that allowed it to extend the maturity of the borrowing facility for an additional 364 days from the expiration date. The revolving facility bears interest at the average of final quotation yield rates for 91-day KRW-denominated bank certificate of deposit (“CD interest rate”) plus 3.25%, and has a commitment fee of 0.75% on the undrawn portion. Under the facility agreement, Coupang Corp., one of the Company’s wholly-owned subsidiaries, is restricted from loaning money to its parent, Coupang, Inc. Details of carrying amounts of long-term debt were as follows: (in thousands) September 30, 2021 December 31, 2020 Maturity Date Interest rate (%) Borrowing Limit February 27, 2024 (1) (5) $ 1,000,000 $ — $ — October 21, 2021 – March 26, 2023 (2) 3.10 – 5.10 36,595 24,596 50,713 November 28, 2021 (3) 5.20 3,205 3,205 19,199 December 23, 2021 – August 12, 2024 (4) 2.87 – 8.50 557,852 528,651 354,963 Total principal long-term debt $ 1,597,652 $ 556,452 $ 424,875 Less: current portion of long-term debt (385,888) (67,576) Less: unamortized discounts (1,231) (3,957) Total long-term debt $ 169,333 $ 353,342 _____________ (1) Relates to the Company’s new revolving credit facility as described below. (2) The Company entered into various loan agreements with fixed interest rates for general operating purposes. (3) In November 2019, the Company entered into a fixed-rate term loan facility agreement, secured by certain of the Company’s accounts receivable. At September 30, 2021, the Company had $3 million deposited in a trust account for repayment guarantee purposes, which is classified as short-term restricted cash on the condensed consolidated balance sheets. Principal and interest are to be paid on a monthly basis. (4) In March 2017, the Company entered into a term loan facility agreement. The Company was required to pledge certain land, building, inventories, and short-term financial instruments as collateral. However, as a result of the FC Fire, the building and inventories were extensively damaged, and on August 4, 2021, the term loan facility agreement was amended to replace the original collateral with $194 million in cash secured as collateral and to repay $70 million of the outstanding principal balance. The amendment, which took place within the cure period, subsequently resulted in the Company being in compliance with its term loan facility agreement. Principal is to be paid at maturity and interest is paid on a quarterly basis. Later in August 2021, the Company entered into a new $169 million three-year term loan agreement. The Company pledged $203 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 3.155%. Principal is to be paid at maturity and interest is paid on a monthly basis. (5) Borrowings under the new revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%. In February 2021, the Company entered into a new three-year senior unsecured credit facility (the “new revolving credit facility”) providing for revolving loans in an aggregate principal amount of up to $475 million (which automatically increased to an aggregate principal amount of $950 million based on the Company receiving at least $2.0 billion in net proceeds from its IPO). The new revolving credit facility provides the Company the right to request incremental commitments up to $1.25 billion, subject to customary conditions. During March 2021, the aggregate principal amount of the Company’s new revolving credit facility increased to an aggregate principal amount of $1.0 billion as a result of its IPO. As of September 30, 2021, there was no balance outstanding on the new revolving credit facility. The new revolving credit facility contains customary affirmative and negative covenants, including certain financial covenants. The new revolving credit facility is guaranteed on a senior unsecured basis by all material restricted subsidiaries of the Company, subject to customary exceptions. Borrowings under the new revolving credit facility are not permitted to the extent any amounts are drawn under our existing revolving credit facility. The Company was in compliance with the covenants for each of its borrowings and debt agreements as of September 30, 2021. In October 2021, the Company entered into a new two-year loan agreement to borrow up to $139 million to finance the construction of a fulfillment center. The Company pledged up to $167 million of certain existing land and a building to be constructed as collateral. The loan bears interest at a fixed rate of 3.45%. The Company’s long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on the Company’s current interest rate for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of September 30, 2021 and December 31, 2020 due primarily to the interest rates approximating market interest rates. Future principal payments for long-term debt as of September 30, 2021 were as follows: (in thousands) Long-term debt Remainder of 2021 $ 24,356 2022 363,083 2023 222 2024 168,791 2025 — Thereafter — Total $ 556,452

Convertible Notes and Derivativ

Convertible Notes and Derivative Instrument	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Convertible Notes and Derivative Instrument	Convertible Notes and Derivative Instrument From February 23, 2018 to May 16, 2018, the Company issued convertible notes in an aggregate principal amount of $502 million (total proceeds of $507 million, which included a total net funding premium at issuance), the majority of which were purchased by existing unitholders of the Company’s preferred units, with a maturity equal to the earlier of (a) the fourth anniversary from the first issuance date, (b) the consummation of a liquidity event, or (c) upon an event of default, as defined in the LLC Agreement. In connection with the Company’s IPO in March 2021, the principal balance and the accrued interest on the convertible notes were automatically converted into 171,750,446 shares of the Company’s Class A common stock. The convertible notes had an annual effective interest rate of 16.99%. The Company did not incur interest expense on the convertible notes for the three months ended September 30, 2021. The Company recorded interest expense from its convertible notes for the three months ended September 30, 2020 of $24 million, consisting of $15 million of contractual interest expense and $9 million of debt discount amortization. The Company recorded interest expense from its convertible notes for the nine months ended September 30, 2021 and 2020 of $20 million and $67 million, respectively, consisting of $15 million and $42 million of contractual interest expense and $5 million and $25 million of debt discount amortization, respectively. The convertible notes contained embedded derivatives that allowed or required the holders of the convertible notes to convert them into a variable number of the Company’s equity securities for a value equal to a significant premium over the then principal and accrued interest balance. These embedded derivatives were bifurcated and accounted for separately as a single, compound derivative instrument. The convertible notes did not convert to common shares based on this embedded feature, rather they converted based on a price calculated by dividing $6.3 billion with the number of common equity securities, on an as-converted and as-exercised basis, outstanding on the closing of the IPO. Following the convertible notes conversion to shares of Class A common stock, the embedded derivatives no longer exist. There was no change in fair value of the derivative instrument during the nine months ended September 30, 2021. The change in fair value of the derivative instrument resulted in a gain of $70 million for the three and nine months ended September 30, 2020, which was recognized in the condensed consolidated statements of operations and comprehensive loss within “Other (expense) income, net.”

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The following summarizes the Company’s minimum contractual commitments as of September 30, 2021: (in thousands) Unconditional purchase obligations (unrecognized) Long-term debt (including interest) Operating leases Total Remainder of 2021 $ 53,165 $ 30,320 $ 81,192 $ 164,677 2022 170,975 375,773 330,295 877,043 2023 143,106 5,534 294,860 443,500 2024 88,378 172,365 257,783 518,526 2025 84,758 — 203,864 288,622 Thereafter 28,253 — 487,320 515,573 Total undiscounted payments $ 568,635 $ 583,992 $ 1,655,314 $ 2,807,941 Less: lease imputed interest (291,441) Total lease commitments $ 1,363,873 Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to technology related service contracts, fulfillment center construction contracts and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date. Legal Matters From time to time, the Company may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. The Company assesses the likelihood of any adverse judgments or outcomes with respect to these matters and determines loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, the Company considers other relevant factors that could impact its ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. The Company's reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of currently pending legal matters will not have a material adverse effect on its business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit)	Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) Prior to the Corporate Conversion, the Company’s Limited Liability Company Agreement (“LLC Agreement”), as amended and restated on April 11, 2019, authorized the issuance of 1,448,632,049 preferred units, which were convertible into the same number of common voting units issued upon conversion of the preferred units, as well as the issuance of 264,166,544 common units. Pursuant to the Corporate Conversion and IPO: • 1,196,605,432 preferred units and 85,579,584 common units (which include 22,443,220 PIUs), in each case, automatically converted into an equal number of shares of Class A common stock, except with respect to a conversion adjustment which reduced the outstanding common units designated as PIUs by 75,862 common units, and excluding any such preferred units and common units (including any PIUs) held by Mr. Bom Suk Kim; and • 132,859,550 preferred units held by Mr. Kim and 43,143,440 common units (all of which were designated as PIUs) held by Mr. Kim, in each case, converted into an equal number of shares of Class B common stock. On March 15, 2021, the Company completed its IPO, in which it issued and sold 100,000,000 shares of its Class A common stock at a price of $35.00 per share. The Company received net proceeds of approximately $3.4 billion from its IPO after deducting underwriting discounts of $69 million and other offering costs. Also, the owner of our Class B common stock converted 1,200,000 shares of Class B common stock into Class A common stock, which were sold in the IPO. Our certificate of incorporation provides for two classes of common stock, and authorizes shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors. Our authorized capital stock consists of 10,000,000,000 shares of Class A common stock, par value $0.0001 per share; 250,000,000 shares of Class B common stock, par value $0.0001 per share; and 2,000,000,000 shares of undesignated preferred stock, par value $0.0001 per share. No preferred stock was issued and outstanding as of September 30, 2021 and December 31, 2020. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to twenty-nine votes. In addition, each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except certain transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock. Accumulated Other Comprehensive Loss Accumulated other comprehensive income (loss) includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on the Company’s defined severance benefits. As of September 30, 2021 and December 31, 2020, the ending balance in accumulated other comprehensive loss related to foreign currency translation adjustments was $35 million and $(4) million, respectively, and the amount related to actuarial gains (losses) on defined severance benefits was $(34) million and $(27) million, respectively.

Equity-based Compensation Plans

Equity-based Compensation Plans	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity-based Compensation Plans	Equity-based Compensation Plans Our board of directors adopted the 2021 Plan in February 2021, which was subsequently approved by our stockholders in February 2021. The 2021 Plan provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards (or the cash equivalent thereof). Initially, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2021 Plan is 215,103,732 shares. In addition, the number of shares of the Company’s Class A common stock reserved for issuance under the 2021 Plan may be increased on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2021 Plan. Additionally, shares become available for future grant under the 2021 Plan if they were issued under stock awards under the 2021 Plan and the Company repurchases them or they are forfeited. RSUs The Company had previously granted restricted equity units under the 2011 Plan, which vest upon the satisfaction of both a service-based condition and a performance-based condition. In connection with the Company’s Corporate Conversion and IPO, the outstanding awards were converted into RSUs. For the RSUs with the performance condition satisfied upon the completion of the Company’s IPO, the Company recorded $41 million in equity-based compensation expense for the nine months ended September 30, 2021, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized equity-based compensation expense related to these awards will be recorded over the remaining requisite service period. During the nine months ended September 30, 2021, the Company granted 15.0 million RSUs. The weighted-average grant-date fair value of these RSUs was $32.93. RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date. As of September 30, 2021, the Company had $439 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 3.0 years, net of estimated forfeitures. Stock Options The Company had previously granted unit options under the 2011 Plan, which vest upon the satisfaction of a service-based condition. In connection with the Company’s Corporate Conversion and IPO, the outstanding awards were converted into stock options. The Company’s stock options are granted with exercise prices equal to the estimated fair value of the common shares at the date of grant. The stock options generally expire ten years from the grant date. During the nine months ended September 30, 2021, the Company granted 6.6 million options. The weighted-average grant-date fair value of these options was $8.83. Outstanding vested stock options were 10.9 million and 31.2 million as of September 30, 2021 and December 31, 2020, respectively. The total unrecognized compensation expense related to unvested stock options was $48 million, which will be recognized over the weighted-average remaining service period of approximately 2.2 years, net of estimated forfeitures. PIUs Prior to the IPO, the Company granted common units designated as PIUs that vested upon the satisfaction of a service-based condition and with respect to certain awards, vesting accelerates upon the occurrence of an IPO. Holders of vested PIUs had similar rights to those of common unit holders. The PIUs (with the exception of those granted to the Company’s Chief Executive Officer, which convert into an equal number of shares of Class B common stock) convert to shares of Class A common stock at a ratio based on the excess of the per common unit value of the Company at the time of a Corporate Conversion over the per common unit value designated at the grant date of the PIUs (the participation threshold), as specified in the underlying award agreements. All outstanding PIUs automatically converted into 22,367,358 shares of Class A common stock and 43,143,440 shares of Class B common stock at the time of the Corporate Conversion. Furthermore, the accelerated vesting condition of all unvested PIUs were satisfied upon the completion of the Company's IPO and thus, the Company recorded $25 million in equity-based compensation related to the accelerated vesting of PIUs for the nine months ended September 30, 2021. The Company did not incur equity-based compensation related to PIUs for the three months ended September 30, 2021. Equity-based Compensation Expense Stock options and RSUs are measured at the estimated fair value on the measurement date, which is typically the grant date. In the first quarter of 2021, the Company changed its policy for recognizing equity-based compensation expense from the graded vesting attribution method of accounting to the straight-line attribution method of accounting for its equity-based compensation arrangements with service only vesting conditions. For additional information, see Note 2 — "Change in Accounting Principle." The following table presents the effects of equity-based compensation, as retrospectively adjusted for the change in accounting principle described above, in the condensed consolidated statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cost of sales $ 2,928 $ 162 $ 7,281 $ 447 Operating, general and administrative 53,210 7,130 186,169 23,570 Total $ 56,138 $ 7,292 $ 193,450 $ 24,017

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where the Company anticipates incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. The Company’s resulting effective tax rate differs from the applicable statutory rate, primarily due to the valuation allowance against its deferred tax assets. The Company is subject to income taxation through certain of its subsidiaries predominantly in the United States, China, South Korea, Singapore, Japan, and Taiwan.

Defined Severance Benefits

Defined Severance Benefits	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined Severance Benefits	Defined Severance Benefits Defined severance benefits are for employees of the Company’s Korean subsidiaries. The Korean subsidiaries offer defined benefits to provide severance payments to all employees that leave the Company based on employment length and pay rate. The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Current service costs $ 32,502 $ 18,602 $ 95,281 $ 47,781 Interest expense 854 325 2,039 965 Amortization of: Prior service credit 23 — 69 — Net actuarial loss 1,242 37 3,260 110 Net periodic benefit costs charged to expense $ 34,621 $ 18,964 $ 100,649 $ 48,856

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share The Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. As the liquidation and dividend rights are identical, the undistributed earnings or loss are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net loss per share attributable to common stockholders are therefore the same for Class A and Class B common stock on both an individual and a combined basis. Basic net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of Class A and Class B common stock and potentially dilutive Class A and Class B potential common shares outstanding during the period. The Company's basic and diluted net loss per share are the same because the Company has generated net loss to common stockholders. During the nine months ended September 30, 2020, the Company repurchased certain preferred units at a premium over the carrying values, which increased net loss attributable to common stockholders. As discussed in Note 1 — "Basis of Presentation and Summary of Significant Accounting Policies," immediately prior to the IPO, the Company completed the Corporate Conversion. The Corporate Conversion resulted in a change of equity interests from common units to shares of common stock, but no change in relative shareholder rights, rank, or value before and after this reorganization transaction. As such, the Corporate Conversion of common units was considered equivalent to a stock split and requires retrospective treatment for net loss per share purposes. All share and per share information has been retroactively adjusted to reflect the Corporate Conversion for all periods presented. PIUs outstanding prior to the Corporate Conversion were considered compensatory arrangements that were settled with shares of Class A or Class B common stock at the time of the Corporate Conversion and have been included as outstanding shares subsequent to that date. Similarly, any preferred units that were converted in accordance with their terms into shares of Class A or Class B common stock at the time of the Corporate Conversion have also been included as outstanding shares subsequent to that date. The following table presents the calculation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net loss $ (323,977) $ (172,999) $ (1,137,611) $ (380,402) Less: premium on repurchase of redeemable convertible preferred units — — — (92,734) Net loss attributable to Class A and Class B common stockholders $ (323,977) $ (172,999) $ (1,137,611) $ (473,136) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 1,747,255 29,284 1,313,234 27,085 Net loss attributable to Class A and Class B common stockholders per share, basic and diluted $ (0.19) $ (5.91) $ (0.87) $ (17.47) The following have been excluded from the computation of basic and diluted net loss per share attributable to Class A and Class B common stockholders as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of equivalent common shares) 2021 2020 2021 2020 Convertible debt — 168,207 — 168,207 Redeemable convertible preferred units — 1,329,465 — 1,329,465 Equity compensation awards 41,702 82,634 49,835 68,946

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Principles of Consolidation	The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations and comprehensive loss, redeemable convertible preferred units and stockholders’/members’ equity (deficit), and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes included in the final prospectus dated March 10, 2021, as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (File No. 333-253030) (“Final Prospectus”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, which include, but are not limited to, equity-based compensation, inventory valuation, income taxes, defined severance benefits, and revenue recognition. Actual results could differ materially from those estimates. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates become more challenging, and actual results could differ materially from these estimates.
Segment Information	Segment Information The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Equity-based Compensation	Equity-based Compensation The Company accounts for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company determines the fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Prior to the IPO, the grant-date fair value of equity-based awards was primarily determined using the estimated fair value of the Company's previously issued common units. Common unit fair value estimates were developed by considering numerous objective and subjective factors that required judgment. Subsequent to the IPO, the Company determines the fair value of its Class A common stock using the market closing price on the grant date. During the first quarter of 2021, the Company changed its policy for recognizing equity-based compensation expense from the graded vesting attribution method of accounting to the straight-line attribution method of accounting for its equity-based compensation arrangements with service only vesting conditions. For additional information, see Note 2 — "Change in Accounting Principle." Restricted Stock Units The Company had previously granted restricted equity units under its 2011 Equity Incentive Plan (“2011 Plan”), which vest upon the satisfaction of both a service-based condition and a performance-based condition. In connection with the Company’s Corporate Conversion, the outstanding awards were converted into restricted stock units (“RSUs”). Following the IPO and Corporate Conversion, the Company has granted RSUs that vest upon the satisfaction of a service-based condition as defined in the Company’s 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period. Stock Options The Company had previously granted unit options under the 2011 Plan, which vest over a service period of generally four years. In connection with the Company’s Corporate Conversion, the outstanding awards were converted into stock options. The grant-date fair value of each stock option award, net of estimated forfeitures, is recognized as expense over the requisite service period. The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Profits Interests Prior to the IPO, the Company granted common units designated as PIUs that vested upon the satisfaction of a service-based condition and with respect to certain awards, which vesting accelerated upon the occurrence of the IPO. The grant-date fair value of the PIUs, net of estimated forfeitures, were recognized as expense over the requisite service period.
Concentration of Credit Risk	Concentration of Credit Risk Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions that management believes are of high credit quality, of which 67% were held at three financial institutions as of September 30, 2021. The Company’s gross accounts receivable include amounts concentrated with four payment processing companies representing 50% of gross accounts receivable at September 30, 2021.
Recent Accounting Pronouncements Adopted / Recent Accounting Pronouncements Yet To Be Adopted	Recent Accounting Pronouncements Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes certain exceptions for performing intraperiod allocation, recognizes deferred taxes for investments, and calculates income taxes in interim periods. The standard reduces complexity in certain areas, including franchise taxes that are partially based on income and accounting for tax law changes in interim periods. The ASU is effective for public companies for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted this ASU effective January 1, 2021. The adoption of the ASU did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements Yet To Be Adopted In August 2020, the FASB issued ASU 2020-06, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40).” The standard reduces the number of models used to account for convertible instruments, amends diluted earnings per share (“EPS”) calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. The ASU is effective for public companies for fiscal years beginning after December 15, 2021. Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. The Company does not expect a material impact from the adoption of the ASU on our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” ASU 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We expect to elect the optional expedients for eligible contract modifications, if any, as they occur through December 31, 2022. The application of these expedients is not expected to have a material impact on our condensed consolidated financial statements.

Change in Accounting Principle

Change in Accounting Principle (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Schedule of comparative effect of the change in accounting method	The following table presents the comparative effect of the change in accounting method and its impact on the Company’s condensed consolidated statements of operations and comprehensive loss: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in thousands, except for per share amounts) As Reported As Adjusted As Reported As Adjusted Total net revenues $ 3,136,507 $ 3,136,507 $ 8,163,846 $ 8,163,846 Cost of sales 2,669,479 2,669,552 6,826,847 6,826,861 Operating, general and administrative 684,893 683,192 1,728,585 1,722,077 Total operating cost and expenses 3,354,372 3,352,744 8,555,432 8,548,938 Operating loss (217,865) (216,237) (391,586) (385,092) Loss before income taxes (174,606) (172,978) (386,668) (380,174) Income tax expense 21 21 228 228 Net loss (174,627) (172,999) (386,896) (380,402) Net loss attributable to Class A and Class B common stockholders $ (174,627) $ (172,999) $ (479,630) $ (473,136) Net loss attributable to Class A and Class B common stockholders per share, basic and diluted (1) $ (5.96) $ (5.91) $ (17.71) $ (17.47) Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, basic and diluted (1) 29,284 29,284 27,085 27,085 Comprehensive loss $ (177,547) $ (175,919) $ (391,428) $ (384,934) ____________ (1) As reported net loss per share reflects the retrospective adjustments from the Corporate Conversion described in Note 14 — "Net Loss per Share." The following table presents the comparative effect of the change in accounting method and its impact on the Company’s condensed consolidated balance sheets: As of December 31, 2020 (in thousands) As Reported As Adjusted Stockholders'/members’ equity (deficit) Common units $ 54,950 $ 45,122 Additional paid-in capital 25,036 25,036 Accumulated other comprehensive income (loss) (31,093) (31,093) Accumulated deficit (4,117,755) (4,107,927) Total stockholders'/members’ equity (deficit) $ (4,068,862) $ (4,068,862)

Net Revenues (Tables)

Net Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of Revenue	Details of total net revenues were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Net retail sales $ 4,137,136 $ 2,897,682 $ 11,938,685 $ 7,555,592 Third-party merchant services 450,634 202,356 1,231,799 516,367 Other revenue 56,935 36,469 159,195 91,887 Total net revenues $ 4,644,705 $ 3,136,507 $ 13,329,679 $ 8,163,846

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	The following summarizes the Company’s property and equipment, net: (in thousands) September 30, 2021 December 31, 2020 Land $ 140,857 $ 142,403 Buildings 117,675 181,529 Equipment and furniture 506,119 473,775 Leasehold improvements 277,331 172,864 Vehicles 159,245 165,073 Software 33,362 48,136 Construction in progress 309,320 169,789 Property and equipment, gross 1,543,909 1,353,569 Less: Accumulated depreciation and amortization (376,446) (335,622) Property and equipment, net $ 1,167,463 $ 1,017,947

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Lease Impacts	The components of operating lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease cost $ 87,814 $ 55,629 $ 247,566 $ 132,957 Variable and short-term lease cost 9,895 6,380 26,784 16,360 Total operating lease cost $ 97,709 $ 62,009 $ 274,350 $ 149,317 Supplemental disclosure of cash flow information related to leases were as follows: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for the amount used to measure the operating lease liabilities $ 204,791 $ 100,154 Operating lease assets obtained in exchange for lease obligations $ 485,788 $ 486,570 Net increase (decrease) to operating lease ROU assets resulting from remeasurements of lease obligations $ 40,812 $ (5,544) The assumptions used to value leases for the periods presented were as follows: September 30, 2021 December 31, 2020 Operating leases weighted-average remaining lease term 6.0 years 6.2 years Operating leases weighted-average discount rate 6.09 % 5.88 %

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents Money market trust $ 392,605 $ — $ — $ 392,605 Money market fund 35,295 — — 35,295 Restricted cash Time deposit 270,667 — — 270,667 Money market trust 66,431 — — 66,431 Other current assets Time deposit 6,752 — — 6,752 Long-term restricted cash Time deposit 1,840 — — 1,840 Money market account 2,501 — — 2,501 Total financial assets $ 776,091 $ — $ — $ 776,091 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents Money market trust $ 629,393 $ — $ — $ 629,393 Money market fund 35,641 — — 35,641 Restricted cash Time deposit 144,949 — — 144,949 Other current assets Time deposit 18,382 — — 18,382 Long-term restricted cash Time deposit 4,898 — — 4,898 Total financial assets $ 833,263 $ — $ — $ 833,263 Financial liabilities: Derivative instrument $ — $ — $ — $ — Total financial liabilities $ — $ — $ — $ —
Schedule of significant unobservable inputs used in the fair value measurement of derivative instruments	The following table summarizes information about the significant unobservable inputs used in the fair value measurement of the Company’s derivative instrument: December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Input Amount Derivative instrument $ — Valuation of convertible notes with and without the derivative instrument. Incorporates a discounted cash flow model and option pricing model. Discount rate 14 % Equity value: Long-term revenue growth rate 3.5 % Equity value: Revenue market multiple 1.3x - 1.5x

Short-Term Borrowings and Lon_2

Short-Term Borrowings and Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Details of carrying amounts of short-term borrowings were as follows: (in thousands) Borrowing Limit September 30, 2021 December 31, 2020 Maturity Date Interest rate (%) January 7, 2022 CD interest rate (91 days) + 3.25 $ 126,593 $ 126,593 $ 137,868 December 6, 2021 – June 25, 2022 3.20 – 4.00 41,649 41,649 19,117 Total principal short-term borrowings $ 168,242 $ 168,242 $ 156,985 Less: unamortized discounts (190) (307) Total short-term borrowings $ 168,052 $ 156,678
Schedule of Long-term Debt	Details of carrying amounts of long-term debt were as follows: (in thousands) September 30, 2021 December 31, 2020 Maturity Date Interest rate (%) Borrowing Limit February 27, 2024 (1) (5) $ 1,000,000 $ — $ — October 21, 2021 – March 26, 2023 (2) 3.10 – 5.10 36,595 24,596 50,713 November 28, 2021 (3) 5.20 3,205 3,205 19,199 December 23, 2021 – August 12, 2024 (4) 2.87 – 8.50 557,852 528,651 354,963 Total principal long-term debt $ 1,597,652 $ 556,452 $ 424,875 Less: current portion of long-term debt (385,888) (67,576) Less: unamortized discounts (1,231) (3,957) Total long-term debt $ 169,333 $ 353,342 _____________ (1) Relates to the Company’s new revolving credit facility as described below. (2) The Company entered into various loan agreements with fixed interest rates for general operating purposes. (3) In November 2019, the Company entered into a fixed-rate term loan facility agreement, secured by certain of the Company’s accounts receivable. At September 30, 2021, the Company had $3 million deposited in a trust account for repayment guarantee purposes, which is classified as short-term restricted cash on the condensed consolidated balance sheets. Principal and interest are to be paid on a monthly basis. (4) In March 2017, the Company entered into a term loan facility agreement. The Company was required to pledge certain land, building, inventories, and short-term financial instruments as collateral. However, as a result of the FC Fire, the building and inventories were extensively damaged, and on August 4, 2021, the term loan facility agreement was amended to replace the original collateral with $194 million in cash secured as collateral and to repay $70 million of the outstanding principal balance. The amendment, which took place within the cure period, subsequently resulted in the Company being in compliance with its term loan facility agreement. Principal is to be paid at maturity and interest is paid on a quarterly basis. Later in August 2021, the Company entered into a new $169 million three-year term loan agreement. The Company pledged $203 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 3.155%. Principal is to be paid at maturity and interest is paid on a monthly basis. (5) Borrowings under the new revolving credit facility bear interest, at the Company’s option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted LIBOR for a one-month interest period plus 1.00% or (ii) an adjusted LIBOR plus a margin equal to 1.00%.
Schedule of Maturities of Long-term Debt	Future principal payments for long-term debt as of September 30, 2021 were as follows: (in thousands) Long-term debt Remainder of 2021 $ 24,356 2022 363,083 2023 222 2024 168,791 2025 — Thereafter — Total $ 556,452

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of minimum contractual commitments	The following summarizes the Company’s minimum contractual commitments as of September 30, 2021: (in thousands) Unconditional purchase obligations (unrecognized) Long-term debt (including interest) Operating leases Total Remainder of 2021 $ 53,165 $ 30,320 $ 81,192 $ 164,677 2022 170,975 375,773 330,295 877,043 2023 143,106 5,534 294,860 443,500 2024 88,378 172,365 257,783 518,526 2025 84,758 — 203,864 288,622 Thereafter 28,253 — 487,320 515,573 Total undiscounted payments $ 568,635 $ 583,992 $ 1,655,314 $ 2,807,941 Less: lease imputed interest (291,441) Total lease commitments $ 1,363,873

Equity-based Compensation Pla_2

Equity-based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation	The following table presents the effects of equity-based compensation, as retrospectively adjusted for the change in accounting principle described above, in the condensed consolidated statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cost of sales $ 2,928 $ 162 $ 7,281 $ 447 Operating, general and administrative 53,210 7,130 186,169 23,570 Total $ 56,138 $ 7,292 $ 193,450 $ 24,017

Defined Severance Benefits (Tab

Defined Severance Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit costs	The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Current service costs $ 32,502 $ 18,602 $ 95,281 $ 47,781 Interest expense 854 325 2,039 965 Amortization of: Prior service credit 23 — 69 — Net actuarial loss 1,242 37 3,260 110 Net periodic benefit costs charged to expense $ 34,621 $ 18,964 $ 100,649 $ 48,856

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share/Common Unit	The following table presents the calculation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net loss $ (323,977) $ (172,999) $ (1,137,611) $ (380,402) Less: premium on repurchase of redeemable convertible preferred units — — — (92,734) Net loss attributable to Class A and Class B common stockholders $ (323,977) $ (172,999) $ (1,137,611) $ (473,136) Denominator: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 1,747,255 29,284 1,313,234 27,085 Net loss attributable to Class A and Class B common stockholders per share, basic and diluted $ (0.19) $ (5.91) $ (0.87) $ (17.47)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following have been excluded from the computation of basic and diluted net loss per share attributable to Class A and Class B common stockholders as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of equivalent common shares) 2021 2020 2021 2020 Convertible debt — 168,207 — 168,207 Redeemable convertible preferred units — 1,329,465 — 1,329,465 Equity compensation awards 41,702 82,634 49,835 68,946

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Mar. 15, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)numberOfOperatingSegmentnumberOfReportableSegment	Sep. 30, 2020USD ($)
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Inventory and fixed asset losses due to fulfillment center fire			$ 284,825	$ 0
Number of operating segments | numberOfOperatingSegment			1
Number of reportable segments | numberOfReportableSegment			1
Fire
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Increase in net loss due to fulfillment center fire			$ 296,000
Fire | Cost of sales
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Inventory and fixed asset losses due to fulfillment center fire		$ 158,000
Fire | Operating, general and administrative
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Inventory and fixed asset losses due to fulfillment center fire		127,000
Liability for catastrophe claims		$ 11,000
Options
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Vesting period			4 years
Cash and Cash Equivalents | Financial Institutions | Three Financial Institutions
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage			67.00%
Accounts Receivable | Customer Concentration Risk | Four Payment Processing Companies
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage			50.00%
Common Class A
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	100,000,000
Sale of stock, price per share (in usd per share) | $ / shares	$ 35
Proceeds from sale of stock, net	$ 3,400,000
Payments for underwriting discounts	$ 69,000

Change in Accounting Principl_2

Change in Accounting Principle - Changes in Income Statement Items (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total net revenues	$ 4,644,705			$ 3,136,507			$ 13,329,679	$ 8,163,846
Cost of sales	3,890,178			2,669,552			11,184,152	6,826,861
Operating, general and administrative	1,069,639			683,192			3,242,891	1,722,077
Total operating cost and expenses	4,959,817			3,352,744			14,427,043	8,548,938
Operating loss	(315,112)			(216,237)			(1,097,364)	(385,092)
Loss before income taxes	(323,911)			(172,978)			(1,137,440)	(380,174)
Income tax expense	66			21			171	228
Net loss	(323,977)	$ (518,601)	$ (295,033)	(172,999)	$ (102,050)	$ (105,353)	(1,137,611)	(380,402)
Net loss attributable to Class A and Class B common stockholders	$ (323,977)			$ (172,999)			$ (1,137,611)	$ (473,136)
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)	$ (0.19)			$ (5.91)			$ (0.87)	$ (17.47)
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)	$ (0.19)			$ (5.91)			$ (0.87)	$ (17.47)
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, basic (in shares)	1,747,255			29,284			1,313,234	27,085
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, diluted (in shares)	1,747,255			29,284			1,313,234	27,085
Comprehensive loss	$ (298,445)			$ (175,919)			$ (1,106,432)	$ (384,934)
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total net revenues				3,136,507				8,163,846
Cost of sales				2,669,479				6,826,847
Operating, general and administrative				684,893				1,728,585
Total operating cost and expenses				3,354,372				8,555,432
Operating loss				(217,865)				(391,586)
Loss before income taxes				(174,606)				(386,668)
Income tax expense				21				228
Net loss				(174,627)				(386,896)
Net loss attributable to Class A and Class B common stockholders				$ (174,627)				$ (479,630)
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)				$ (5.96)				$ (17.71)
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)				$ (5.96)				$ (17.71)
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, basic (in shares)				29,284				27,085
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, diluted (in shares)				29,284				27,085
Comprehensive loss				$ (177,547)				$ (391,428)

Change in Accounting Principl_3

Change in Accounting Principle - Changes in Balance Sheet Items (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common units	$ 0			$ 45,122
Additional paid-in capital	7,813,384			25,036
Accumulated other comprehensive income (loss)	86			(31,093)
Accumulated deficit	(5,245,538)			(4,107,927)
Total stockholders'/members’ equity (deficit)	$ 2,568,106	$ 2,802,629	$ 3,275,125	(4,068,862)	$ (3,976,608)	$ (3,811,142)	$ (3,665,081)	$ (3,532,912)
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common units				54,950
Additional paid-in capital				25,036
Accumulated other comprehensive income (loss)				(31,093)
Accumulated deficit				(4,117,755)
Total stockholders'/members’ equity (deficit)				$ (4,068,862)

Change in Accounting Principl_4

Change in Accounting Principle - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net loss	$ 323,977	$ 518,601	$ 295,033	$ 172,999	$ 102,050	$ 105,353	$ 1,137,611	$ 380,402
Equity-based compensation							$ (193,450)	(24,017)
Change in Accounting Principle, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net loss								(6,000)
Equity-based compensation								$ (6,000)

Net Revenues (Details)

Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total net revenues	$ 4,644,705	$ 3,136,507	$ 13,329,679	$ 8,163,846
Deferred revenue recognized in period			60,000	27,000
Net retail sales
Disaggregation of Revenue [Line Items]
Total net revenues	4,137,136	2,897,682	11,938,685	7,555,592
Third-party merchant services
Disaggregation of Revenue [Line Items]
Total net revenues	450,634	202,356	1,231,799	516,367
Other revenue
Disaggregation of Revenue [Line Items]
Total net revenues	$ 56,935	$ 36,469	$ 159,195	$ 91,887

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,543,909		$ 1,543,909		$ 1,353,569
Less: Accumulated depreciation and amortization	(376,446)		(376,446)		(335,622)
Property and equipment, net	1,167,463		1,167,463		1,017,947
Depreciation	51,000	$ 32,000	145,000	$ 85,000
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	140,857		140,857		142,403
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	117,675		117,675		181,529
Equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	506,119		506,119		473,775
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	277,331		277,331		172,864
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	159,245		159,245		165,073
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	33,362		33,362		48,136
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 309,320		$ 309,320		$ 169,789

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Sep. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	11 years
Lessee, operating lease, lease not yet commenced, undiscounted amount	$ 346
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	10 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 87,814	$ 55,629	$ 247,566	$ 132,957
Variable and short-term lease cost	9,895	6,380	26,784	16,360
Total operating lease cost	$ 97,709	$ 62,009	$ 274,350	$ 149,317

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Supplemental disclosure of cash-flow information:
Cash paid for the amount used to measure the operating lease liabilities	$ 204,791	$ 100,154
Operating lease assets obtained in exchange for lease obligations	485,788	486,570
Net increase (decrease) to operating lease ROU assets resulting from remeasurements of lease obligations	$ 40,812	$ (5,544)
Weighted Average Remaining Lease Term [Abstract]
Operating leases weighted-average remaining lease term	6 years		6 years 2 months 12 days
Operating leases weighted-average discount rate	6.09%		5.88%

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Level 3
Financial liabilities:
Derivative instrument		$ 0
Fair Value, Recurring
Financial assets:
Total financial assets	$ 776,091	833,263
Financial liabilities:
Derivative instrument		0
Total financial liabilities		0
Fair Value, Recurring | Level 1
Financial assets:
Total financial assets	776,091	833,263
Financial liabilities:
Derivative instrument		0
Total financial liabilities		0
Fair Value, Recurring | Level 2
Financial assets:
Total financial assets	0	0
Financial liabilities:
Derivative instrument		0
Total financial liabilities		0
Fair Value, Recurring | Level 3
Financial assets:
Total financial assets	0	0
Financial liabilities:
Derivative instrument		0
Total financial liabilities		0
Fair Value, Recurring | Money market trust
Financial assets:
Cash and cash equivalents	392,605	629,393
Restricted cash	66,431
Fair Value, Recurring | Money market trust | Level 1
Financial assets:
Cash and cash equivalents	392,605	629,393
Restricted cash	66,431
Fair Value, Recurring | Money market trust | Level 2
Financial assets:
Cash and cash equivalents	0	0
Restricted cash	0
Fair Value, Recurring | Money market trust | Level 3
Financial assets:
Cash and cash equivalents	0	0
Restricted cash	0
Fair Value, Recurring | Money market fund
Financial assets:
Cash and cash equivalents	35,295	35,641
Long-term restricted cash	2,501
Fair Value, Recurring | Money market fund | Level 1
Financial assets:
Cash and cash equivalents	35,295	35,641
Long-term restricted cash	2,501
Fair Value, Recurring | Money market fund | Level 2
Financial assets:
Cash and cash equivalents	0	0
Long-term restricted cash	0
Fair Value, Recurring | Money market fund | Level 3
Financial assets:
Cash and cash equivalents	0	0
Long-term restricted cash	0
Fair Value, Recurring | Time deposit
Financial assets:
Restricted cash	270,667	144,949
Other current assets	6,752	18,382
Long-term restricted cash	1,840	4,898
Fair Value, Recurring | Time deposit | Level 1
Financial assets:
Restricted cash	270,667	144,949
Other current assets	6,752	18,382
Long-term restricted cash	1,840	4,898
Fair Value, Recurring | Time deposit | Level 2
Financial assets:
Restricted cash	0	0
Other current assets	0	0
Long-term restricted cash	0	0
Fair Value, Recurring | Time deposit | Level 3
Financial assets:
Restricted cash	0	0
Other current assets	0	0
Long-term restricted cash	$ 0	$ 0

Fair Value Measurement - Sche_2

Fair Value Measurement - Schedule of Derivative Liability Measurement Input Assumptions (Details) - Level 3 $ in Thousands	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument	$ 0
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input Amount	0.14
Equity value: Long-term revenue growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input Amount	0.035
Minimum | Equity value: Revenue market multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input Amount	1.3
Maximum | Equity value: Revenue market multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input Amount	1.5

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt - Schedule of Short-term Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Borrowing Limit	$ 1,597,652
Total short-term borrowings	168,052	$ 156,678
Line of credit
Line of Credit Facility [Line Items]
Borrowing Limit	168,242
Total principal short-term borrowings	168,242	156,985
Less: unamortized discounts	(190)	(307)
Total short-term borrowings	168,052	156,678
Line of credit | Credit Facility, Maturing January 2022
Line of Credit Facility [Line Items]
Borrowing Limit	126,593
Total principal short-term borrowings	$ 126,593	137,868
Line of credit | Credit Facility, Maturing January 2022 | KRW Denominated Bank Certificate of Deposit Rate
Line of Credit Facility [Line Items]
Variable interest rate	3.25%
Line of credit | Credit Facility, Maturing June 2022
Line of Credit Facility [Line Items]
Borrowing Limit	$ 41,649
Total principal short-term borrowings	$ 41,649	$ 19,117
Line of credit | Credit Facility, Maturing June 2022 | Minimum
Line of Credit Facility [Line Items]
Interest rate (%)	3.20%
Line of credit | Credit Facility, Maturing June 2022 | Maximum
Line of Credit Facility [Line Items]
Interest rate (%)	4.00%

Short-Term Borrowings and Lon_4

Short-Term Borrowings and Long-Term Debt - Short-Term Borrowings Narrative (Details) - Line of credit - Credit Facility, Maturing January 2022 - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Dec. 31, 2019	Sep. 30, 2021
Debt Instrument [Line Items]
Debt instrument term	1 year
Line of credit facility, borrowing limit		$ 127
Pledged assets		$ 1,200
Debt instrument, extension term		364 days
Line of credit, unused capacity, commitment fee percentage		0.75%
KRW Denominated Bank Certificate of Deposit Rate
Debt Instrument [Line Items]
Variable interest rate		3.25%

Short-Term Borrowings and Lon_5

Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Aug. 04, 2021	Aug. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowing Limit				$ 1,597,652
Total principal long-term debt				556,452	$ 424,875
Current portion of long-term debt				(385,888)	(67,576)
Less: unamortized discounts				(1,231)	(3,957)
Total				169,333	353,342
Line of credit
Debt Instrument [Line Items]
Borrowing Limit				168,242
Line of credit | February 27, 2024
Debt Instrument [Line Items]
Borrowing Limit				1,000,000
Total principal long-term debt				$ 0	0
Debt instrument term			3 years
Line of credit | February 27, 2024 | Federal funds rate or composite overnight bank borrowings rate
Debt Instrument [Line Items]
Variable interest rate				0.50%
Line of credit | February 27, 2024 | Adjusted LIBOR
Debt Instrument [Line Items]
Variable interest rate				1.00%
Line of credit | February 27, 2024 | LIBOR
Debt Instrument [Line Items]
Variable interest rate				1.00%
Line of credit | November 28, 2021
Debt Instrument [Line Items]
Interest rate (%)				5.20%
Borrowing Limit				$ 3,205
Total principal long-term debt				3,205	19,199
Restricted cash, held as guarantee				3,000
Line of credit | December 23, 2021 - August 12, 2024
Debt Instrument [Line Items]
Borrowing Limit				557,852
Total principal long-term debt				$ 528,651	354,963
Line of credit | December 23, 2021 - August 12, 2024 | Minimum
Debt Instrument [Line Items]
Interest rate (%)				2.87%
Line of credit | December 23, 2021 - August 12, 2024 | Maximum
Debt Instrument [Line Items]
Interest rate (%)				8.50%
Line of credit | USD 265 Million, Line of Credit, Maturing December 2021 Thru August 2022
Debt Instrument [Line Items]
Pledged assets	$ 194,000
Extinguishment of outstanding principal	$ 70,000
Loans payable | October 21, 2021 - March 26, 2023
Debt Instrument [Line Items]
Borrowing Limit				$ 36,595
Total principal long-term debt				$ 24,596	$ 50,713
Loans payable | October 21, 2021 - March 26, 2023 | Minimum
Debt Instrument [Line Items]
Interest rate (%)				3.10%
Loans payable | October 21, 2021 - March 26, 2023 | Maximum
Debt Instrument [Line Items]
Interest rate (%)				5.10%
Loans payable | USD 169 Million, Term Loan, Maturing 2024
Debt Instrument [Line Items]
Interest rate (%)		3.155%
Borrowing Limit		$ 169,000
Pledged assets		$ 203,000
Debt instrument term		3 years

Short-Term Borrowings and Lon_6

Short-Term Borrowings and Long-Term Debt - Long-Term Debt Narrative (Details) - USD ($)	1 Months Ended
	Oct. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Principal amount			$ 1,597,652,000
Line of credit | February 27, 2024
Debt Instrument [Line Items]
Debt instrument term		3 years
Borrowing limit, total initial borrowings		$ 475,000,000		$ 1,000,000,000
Accordion feature, increase limit		950,000,000
Net proceeds from Issuance IPO required, accordion feature increase limit		2,000,000,000
Line of credit, additional incremental borrowings		$ 1,250,000,000
Balance drawn			0
Principal amount			$ 1,000,000,000
Secured debt | Two-Year Loan Agreement | Subsequent Event
Debt Instrument [Line Items]
Debt instrument term	2 years
Principal amount	$ 139,000,000
Pledged assets, loan agreement collateral	$ 167,000,000
Interest rate (%)	3.45%

Short-Term Borrowings and Lon_7

Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturities of Long-term Debt [Abstract]
Remainder of 2021	$ 24,356
2022	363,083
2023	222
2024	168,791
2025	0
Thereafter	0
Total principal long-term debt	$ 556,452	$ 424,875

Convertible Notes and Derivat_2

Convertible Notes and Derivative Instrument (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	May 16, 2018	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Principal amount				$ 1,597,652
Proceeds from debt				$ 308,772	$ 220,649
Convertible notes
Debt Instrument [Line Items]
Principal amount			$ 502,000
Proceeds from debt			$ 507,000
Converted instrument, shares issued (in shares)	171,750,446
Effective interest rate		16.99%		16.99%	16.99%
Interest expense		$ 24,000		$ 20,000	$ 67,000
Interest expense, excluding amortization		15,000		15,000	42,000
Amortization of debt discount		9,000		5,000	25,000
Convertible debt, equity fair value used to determine conversion				6,300,000
Change in fair value of derivative instrument		$ 70,000		$ 0	$ 70,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of minimum contractual commitments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract]
Remainder of 2021	$ 53,165
2022	170,975
2023	143,106
2024	88,378
2025	84,758
Thereafter	28,253
Total undiscounted payments	568,635
Long-term debt (including interest)
Remainder of 2021	30,320
2022	375,773
2023	5,534
2024	172,365
2025	0
Thereafter	0
Total undiscounted payments	583,992
Operating leases
Remainder of 2021	81,192
2022	330,295
2023	294,860
2024	257,783
2025	203,864
Thereafter	487,320
Total undiscounted payments	1,655,314
Less: lease imputed interest	(291,441)
Total lease commitments	1,363,873
Total
Remainder of 2021	164,677
2022	877,043
2023	443,500
2024	518,526
2025	288,622
Thereafter	515,573
Total undiscounted payments	$ 2,807,941

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) (Details) $ / shares in Units, $ in Thousands	Mar. 15, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)shares	Sep. 30, 2021USD ($)votesPerSharevotes$ / sharesshares	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 11, 2019shares
Class of Stock [Line Items]
Redeemable convertible preferred units authorized (in shares)			0		1,448,632,049					1,448,632,049
Common units authorized (in shares)			0		264,166,544					264,166,544
Preferred stock, shares authorized (in shares)			2,000,000,000
Preferred stock, par value (in usd per share) | $ / shares			$ 0.0001
Preferred stock, shares issued (in shares)			0		0
Preferred stock, shares outstanding (in shares)			0		0
Total stockholders'/members’ equity (deficit) | $		$ 3,275,125	$ 2,568,106	$ 2,802,629	$ (4,068,862)	$ (3,976,608)	$ (3,811,142)	$ (3,665,081)	$ (3,532,912)
Chief Executive Officer
Class of Stock [Line Items]
Conversion of redeemable convertible preferred units (in shares)	132,859,550
Common Units
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)		128,723,000
Common Units | PIUs
Class of Stock [Line Items]
Conversion of stock, conversion discount (in shares)	75,862
Accumulated Foreign Currency Adjustment Attributable to Parent
Class of Stock [Line Items]
Total stockholders'/members’ equity (deficit) | $			35,000		(4,000)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Class of Stock [Line Items]
Total stockholders'/members’ equity (deficit) | $			$ (34,000)		$ (27,000)
Common Class A
Class of Stock [Line Items]
Conversion of redeemable convertible preferred units (in shares)	1,196,605,432
Sale of stock, number of shares issued in transaction (in shares)	100,000,000
Sale of stock, price per share (in usd per share) | $ / shares	$ 35
Payments for underwriting discounts | $	$ 69,000
Common stock, shares authorized (in shares)			10,000,000,000		0
Common stock, par value (in usd per share) | $ / shares			$ 0.0001		$ 0.0001
Number of votes per share of common stock | votesPerShare			1
Common Class A | PIUs
Class of Stock [Line Items]
Shares converted (in shares)	22,367,358
Common Class A | IPO
Class of Stock [Line Items]
Shares converted (in shares)	1,200,000
Sale of stock, number of shares issued in transaction (in shares)	100,000,000
Sale of stock, price per share (in usd per share) | $ / shares	$ 35
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts | $	$ 3,400,000
Payments for underwriting discounts | $	$ 69,000
Common Class A | Common Units
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)	85,579,584
Common Class A | Common Units | PIUs
Class of Stock [Line Items]
Shares converted (in shares)	22,443,220
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			250,000,000		0
Common stock, par value (in usd per share) | $ / shares			$ 0.0001		$ 0.0001
Number of votes per share of common stock | votes			29
Common Class B | IPO
Class of Stock [Line Items]
Shares converted (in shares)	(1,200,000)
Common Class B | Chief Executive Officer | PIUs
Class of Stock [Line Items]
Conversion of common units into Class A and Class B common stock (in shares)	43,143,440

Equity-based Compensation Pla_3

Equity-based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock		5.00%
Equity-based compensation expense			$ 56,138	$ 7,292	$ 193,450	$ 24,017
Options granted in period (in shares)					6,600,000
Weighted-average grant date fair value of options granted during period (in usd per share)					$ 8.83
Unamortized compensation expense, options			48,000		$ 48,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense					$ 41,000
Grants in period (in shares)					15,000,000
Weighted-average grant date fair value of RSU grants during period (in usd per share)					$ 32.93
Unamortized compensation expense			$ 439,000		$ 439,000
Unamortized compensation expense, period for recognition					3 years
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Unamortized compensation expense, period for recognition					2 years 2 months 12 days
Vested options outstanding (in shares)			10,900,000		10,900,000		31,200,000
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years
PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation due to accelerated vesting					$ 25,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares to be issued (in shares)		215,103,732
Common Class A | PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares converted (in shares)	22,367,358

Equity-based Compensation Pla_4

Equity-based Compensation Plans - Schedule of Equity Based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 56,138	$ 7,292	$ 193,450	$ 24,017
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	2,928	162	7,281	447
Operating, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 53,210	$ 7,130	$ 186,169	$ 23,570

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0

Defined Severance Benefits (Det

Defined Severance Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Current service costs	$ 32,502	$ 18,602	$ 95,281	$ 47,781
Interest expense	854	325	2,039	965
Amortization of:
Prior service credit	23	0	69	0
Net actuarial loss	1,242	37	3,260	110
Net periodic benefit costs charged to expense	$ 34,621	$ 18,964	$ 100,649	$ 48,856

Net Loss per Share - Calculatio

Net Loss per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (323,977)	$ (518,601)	$ (295,033)	$ (172,999)	$ (102,050)	$ (105,353)	$ (1,137,611)	$ (380,402)
Less: premium on repurchase of redeemable convertible preferred units	0			0			0	(92,734)
Net loss attributable to Class A and Class B common stockholders	$ (323,977)			$ (172,999)			$ (1,137,611)	$ (473,136)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares)	1,747,255			29,284			1,313,234	27,085
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares)	1,747,255			29,284			1,313,234	27,085
Earnings Per Share, Basic and Diluted [Abstract]
Net loss attributable to Class A and Class B common stockholders per share, basic (in dollars per share)	$ (0.19)			$ (5.91)			$ (0.87)	$ (17.47)
Net loss attributable to Class A and Class B common stockholders per share, diluted (in dollars per share)	$ (0.19)			$ (5.91)			$ (0.87)	$ (17.47)

Net Loss per Share - Antidiluti

Net Loss per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	0	168,207	0	168,207
Redeemable convertible preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	0	1,329,465	0	1,329,465
Equity compensation awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	41,702	82,634	49,835	68,946